Iraq: Oil-driven improvement to its reserves masks a worrying trend
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Non-oil primary fiscal deficit widening to remain at around 63% of non-oil GDP over the medium term absent major reforms
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Instead of saving the bulk of the oil windfall, Iraq is now projected to see a sharp rise in public debt
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The need for reforms is clear, but there is little evidence of reform momentum at the moment; retain Hold
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This report is independent investment research as contemplated by COBS 12.2 of the FCA Handbook and is a research recommendation under COBS 12.4 of the FCA Handbook. Where it is not technically a research recommendation because the subject of the research is not listed on any European exchange, it has nevertheless been treated as a research recommendation to ensure consistent treatment of all Tellimer's research. This report has been produced by the analyst(s) named above (the "Analyst").
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